Principle Amount: ₹ 50000

Tenure: 24 Months

Rate of Interest: 24%

Simple Interest: ₹ 24000

Simple interest calculator

Before you get a loan, it is imperative to understand your repayment capabilities to ensure you don’t fall into any financial trouble in the future. To understand how much debt, you can afford to take, make use of a simple interest calculator to calculate the monthly payment you will have to make.

What is simple interest?

When you borrow money from the lender, you have to pay an extra sum of money to the lender. This extra sum of money that you have to pay to the lender is known as simple interest. This type of interest, unlike compound interest, is calculated only on the principal portion of the loan.

Simple Interest Formula

To calculate simple interest towards your personal loan, one can use the below formula. Simple interest= I= [(P×R×T0)/100] In the above formula, P= principal R= Rate of interest T= Time For instance, let’s consider the principal amount as Rs. 70000 For 3 years i.e. the time The interest rate of 4% I= (70000×4×36)/100 Total amount= Rs. 78400, whereas the interest, you will have to pay is Rs. 8400.

Flexi Loan EMI Calculator FAQs

Can I use the flexi loan EMI calculator for calculating my personal loan EMI?

No, you cannot use the flexi loan EMI calculator for calculating personal loan EMI. A personal loan EMI calculator takes into account the loan amount, tenure and the interest rate; it helps you calculate the EMI (including interest and principal amount) you will have to pay to the lender each month. And on the other hand, flexi loan EMI calculator only helps you calculate the interest you will have to pay as EMI.

What are the documents required for getting a flexi loan in India?

To get a flexi loan, if you are a salaried individual, you will have to submit the below documents:

Form 16

Last 6 months salary slip and bank statement

KYC documents

In case you are a self-employed individual, you will have to submit the below documents:

Business proof

KYC documents

Bank account statement of past 6 months

Who is eligible to get flexi loan?

Salaried or self-employed individuals above the age of 25 years are eligible to get a flexi loan in India.